Homework Answers
4. There is no exports and imports in closed economy. So, we take into account that exports are equal to imports.
3) Exports equal imports.
Y = Consumption expenditure + Investment expenditure + Government spending
5. 5) final goods and services produced within the borders of a country.
GDP is the market value of the final goods and services produced within the domestic territory of a country.
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Question 4 (1 point) Which of the following conditions must be satisfied in a closed economy?...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
1 The components of total spending are A.consumption, investment, exports, and imports. B.consumption, investment, government spending,...
1 The components of total spending are A.consumption, investment, exports, and imports. B.consumption, investment, government spending, and net exports. C.consumption, imports, investment, and the money supply. D.investment, intermediate goods, and factors of production. 2 Why are imports subtracted when GDP is calculated in the expenditure approach? A.They are produced abroad, and GDP only counts domestic production. B.They do not go through formal markets and thus cannot be counted in GDP. C.They are not part of consumption in the domestic economy....
The following shows the circular-flow diagram for the closed economy of Wenatchee Government purchases of goods...
The following shows the circular-flow diagram for the closed economy of Wenatchee Government purchases of goods and services Government borrowing Government Taxes Government transfers Consumer spending Private savings Households Wages, profit, interest, rent Markets for goods and services Factor markets Financial markets Total spending on goods and services Wages, profit, interest, rent Borrowing and stock issues by firms Firms Investment spending Govemment purchases of goods and services Govemment borrowing Transfers Wages, profit, interest, rent Private savings $500 $200 $100 $2900...
Asked the professor and he told me both of #3and #5 are correct. I can understand...
Asked the professor and he told me both of #3and #5 are
correct. I can understand #3 but may I know why #5is also
correct?
Question 4 0 1 point Which of the following conditions must be satisfied in a closed economy? 1) Private saving equals investment. 2) There is no government spending or taxes. 3) Exports equal imports. 4) Government spending equals taxes. 5) Total saving equals investment.
3. Consider the following table for Canada's GDP in 2016 Components of GDP in 2016 (billions...
3. Consider the following table for Canada's GDP in 2016 Components of GDP in 2016 (billions of dollars) Category Personal expenditure on consumer goods and services Durable goods 231.2 273.4 648.9 28.6 Non-durable goods Services Non-profit institutions serving households' final consumption expenditure General government's final consumption expenditure Business gross fixed capital formation 429.8 Residential structures 154.1 Non-residential structures Machinery and equipment 80.2 33.3 2.8 Intellectual property products Non-profit institutions serving households' gross fixed capital formation General government's gross fixed capital...
Question 2 (1 point) In an open economy suppose that GDP is $12 trillion. Consumption is...
Question 2 (1 point) In an open economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion, Taxes are $0.5 trillion. Exports are $1 trillion and imports are $3 trillion. What is private saving? $4 trillion $3.5 trillion $2.5 trillion $1.5 trillion Question 1 (1 point) Interest rate (%) Supply of loanable funds Demand for loanable funds 0 10 20 30 40 50 60 70 80 90 100 Quantity of loanable funds (billions...
1. In a closed economy to have sustainable output, Aggregate Expenditures are equal to
1. In a closed economy to have sustainable output, Aggregate Expenditures are equal toa. Consumptionb. Consumption + Investmentc. Consumption + Investment + Govemmentd. Consumption + Investment + Net Exports2. The calculation 1 /(1-MPC) equalsa. Marginal Propensity to Saveb. Multiplierc. Aggregate Expenditured. Average Consumption3. In a closed economy, when Aggregate Expenditures equal GDP.a. Consumption equals investmentb. Consumption equals aggregate expenditurec. Saving = Planned Investmentd. Disposable income equals consumption minus saving4. Net exports are calculated asa. Importsb. Imports - Exportsc. Exports -...
(2.5 points) The following table indicates the Federal Personal Income Tax Rates in 1989. Income Marginal Tax Ra...
(2.5 points) The following table indicates the Federal Personal Income Tax Rates in 1989. Income Marginal Tax Rate Taxes Paid $0 0% $1 -- $29,750 15% $29,751 -- $71,900 28% $71,901--$149,250 33% Over $149,250 28% (.5 points) Would you characterize this tax schedule as proportional, progressive, or regressive? Explain why. (.5 points) Suppose a person earns $135,000 in 1989. Show in the table the taxes this person would pay in each income category. (.5 points) Calculate the tax rate that...
Question is above picture... The "baby boomers" are starting to retire. They are the largest population group in the country, larger than Gen X or millennials. How will their retirement over t...
Question is above picture... The "baby boomers" are starting to
retire. They are the largest population group in the country,
larger than Gen X or millennials. How will their retirement over
the next 15 years affect the economy as a whole? Think of multiple
stocks and flows in the circular flow model in Chapter 15, Figure
15.5. Also think of the 3 most commonly used measures of the
economy as a whole: GDP, prices and unemployment.
The "baby boomers" are...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
The following shows the circular-flow diagram for the closed economy of Wenatchee Government purchases of goods and services Government borrowing Government Taxes Government transfers Consumer spending Private savings Households Wages, profit, interest, rent Markets for goods and services Factor markets Financial markets Total spending on goods and services Wages, profit, interest, rent Borrowing and stock issues by firms Firms Investment spending Govemment purchases of goods and services Govemment borrowing Transfers Wages, profit, interest, rent Private savings $500 $200 $100 $2900...
Asked the professor and he told me both of #3and #5 are
correct. I can understand #3 but may I know why #5is also
correct?
Question 4 0 1 point Which of the following conditions must be satisfied in a closed economy? 1) Private saving equals investment. 2) There is no government spending or taxes. 3) Exports equal imports. 4) Government spending equals taxes. 5) Total saving equals investment.
3. Consider the following table for Canada's GDP in 2016 Components of GDP in 2016 (billions of dollars) Category Personal expenditure on consumer goods and services Durable goods 231.2 273.4 648.9 28.6 Non-durable goods Services Non-profit institutions serving households' final consumption expenditure General government's final consumption expenditure Business gross fixed capital formation 429.8 Residential structures 154.1 Non-residential structures Machinery and equipment 80.2 33.3 2.8 Intellectual property products Non-profit institutions serving households' gross fixed capital formation General government's gross fixed capital...
Question 2 (1 point) In an open economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion, Taxes are $0.5 trillion. Exports are $1 trillion and imports are $3 trillion. What is private saving? $4 trillion $3.5 trillion $2.5 trillion $1.5 trillion Question 1 (1 point) Interest rate (%) Supply of loanable funds Demand for loanable funds 0 10 20 30 40 50 60 70 80 90 100 Quantity of loanable funds (billions...
1. In a closed economy to have sustainable output, Aggregate Expenditures are equal toa. Consumptionb. Consumption + Investmentc. Consumption + Investment + Govemmentd. Consumption + Investment + Net Exports2. The calculation 1 /(1-MPC) equalsa. Marginal Propensity to Saveb. Multiplierc. Aggregate Expenditured. Average Consumption3. In a closed economy, when Aggregate Expenditures equal GDP.a. Consumption equals investmentb. Consumption equals aggregate expenditurec. Saving = Planned Investmentd. Disposable income equals consumption minus saving4. Net exports are calculated asa. Importsb. Imports - Exportsc. Exports -...
Question is above picture... The "baby boomers" are starting to
retire. They are the largest population group in the country,
larger than Gen X or millennials. How will their retirement over
the next 15 years affect the economy as a whole? Think of multiple
stocks and flows in the circular flow model in Chapter 15, Figure
15.5. Also think of the 3 most commonly used measures of the
economy as a whole: GDP, prices and unemployment.
The "baby boomers" are...
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